See how your contributions can add up

The standard contribution rate

The standard savings rate for a WorkLife Account is 5% of your gross pay (the amount you earn before taxes), and that amount is deducted from each paycheck.

Standard annual increase

Unless you choose otherwise, your savings rate will go up automatically by 1% each January, if you have been enrolled for at least six months. For example, if you start out at 5%, next year your savings rate will increase to 6%. Your savings rate will increase each year thereafter, until you reach 10%.

You can elect not to have your savings rate automatically increase. 

Change your rate anytime

You can change your savings rate at any time to as little as 1% or up to a maximum of 100%, within IRS limits. Contributions are made post-tax, and your employer can deduct contributions only from the amount available in your paycheck after other payroll deductions required by law have been made.

Unsure of how much to save?

We have a number of tools and resources to help you plan, as well as our retirement savings calculator. You can also talk to a financial or tax advisor to help you assess your options.

Investments with an assumed 5% annual rate of return*

*This hypothetical example shows the potential of what an initial investment of $500 and a monthly contribution at a 5% projected annual rate of return could become over a period of time. Note this is just an example; your actual results may be more or less.

Contribution limits

For most people, the maximum contribution is $7,000 per year if you’re under age 50, and $8,000 per year if you’re 50 or older.

The amount of money you can contribute to a Roth IRA depends on how much you earn and your Modified Adjusted Gross Income (MAGI), which is essentially what you earn at your job, plus any other income from investments and other sources. Your contribution limit also depends on how you file your taxes.

Computing your Modified Adjusted Gross Income (MAGI)

See IRS Publication 590-A (2021), Contributions to Individual Retirement Arrangements (IRAs) for more information and an easy-to-follow worksheet for computing your MAGI.